The news broke at the end of February 2022, amid the ongoing conflict between Russia and Ukraine, and comes as a compromise solution to shield the local economy from the impact of the Western sanctions that include penalties even on the national regulator.
The Central Bank of Russian Federation also temporarily banned brokers from selling securities held by foreigners and introduced mandatory hard-currency revenues sales for exporters.
With the US and EU looking to potentially block the access of the country’s central bank over USD 640 billion assets, the National Bank decided to postpone the beginning of the activity on the Moscow Exchange for three hours. At its opening on Monday, 28 February 2022, 10 AM Moscow time, MOEX dropped 8%, leading to a trade limit of over RUB 95 for USD 1.
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